A&M markets debut fund

Alvarez & Marsal Capital, a new private equity unit of the restructuring firm, is aiming to raise about $400m for its debut turnaround fund, according to sources.

Alvarez & Marsal, which served as liquidator of Lehman Brothers Holdings, until recently has focused solely on advising struggling companies. Now it is using its restructuring expertise to buy underperforming companies. A&M Capital was formed last autumn